Instructions
The following selected transactions were completed by Fasteners Inc. Co., a supplier of buttons and zippers for clothing:
20Y3
Nov.
Dec.
20Y4
Jan.
21 Received from McKenna Outer Wear Co., on account, a $48,000, 60-day, 9% note dated November 21
in settlement of a past due account.
31 Recorded an adjusting entry for accrued interest on the note of November 21.
20 Received payment of note and interest from McKenna Outer Wear Co.
Required:
Journalize the entries to record the transactions. Refer to the chart of accounts for the exact wording of the account titles.
CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries.